The global market for cattle health is currently estimated at USD 2.364 million for the year 2016 and is poised to reach USD 3.59 million by the end of 2021. The CAGR expected during this period of the forecast is 8.72%.
Global Cattle Health Market-Market Dynamics
Growing animal food product consumption is leading to an increase in demand for animal healthcare products and services. Cattle producers have long recognized the need for proper husbandry and stewardship, given the intensive animal husbandry model that currently houses a majority of cattle reared each year.
Some of the key factors driving the market towards growth are:
Scarcity of arable land and water, increased competition for cultivated land and cost effective production are the factors hindering the growth of the market.
Currently, North America leads the global market for cattle health, followed by Europe. However, developing regions like Asia-Pacific and Africa are expected to grow rapidly, forming new revenue pockets in the market. Countries such as India, China, and Japan are expected to be major contributors to this market over the next decade.
The global cattle health market is segmented by type of products (vaccines, parasiticides, anti-infectives, medicinal feed additives, and other pharmaceuticals), by diagnostics (Enzyme Linked Sorbent Assay (ELISA), Rapid Immuno migration (RIM), and Agar Gel Immunodiffusion (AGID), by molecular diagnostic tests (PCR, diagnostic imaging, ultrasound imaging, MRI), by genetics and by geography, the market is divided into North America, Asia-Pacific, Europe and Rest of the World.
Some of the key players in the market are:
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